Assessment Summary This module is assessed 100% by means of a 3000-word business plan or business report with additional 1000 words specified for Graphs, pictures and frameworks to be used. There are two approaches (options) to the assignment given below. Please carefully read the details below. Option 1: New idea for start-up business Think of a new and innovative (real or imaginary) business idea that exploits opportunities, gaps in the market, or solves a social problem. You are free in your choice of business ideas, i.e. this could take the form of a commercial or social enterprise. The proposed business should be a small business as defined in the country the business is to be established. Option 2: New idea for existing business Think of a new and innovative idea to implement in an existing small or medium business that solves a problem while exploiting opportunities in the market. This may include ideas for the business that will radically change its existing products or services offering such as introducing new products and services. The idea MUST have a potential market and bring new revenue streams to the business and capable of operating as a separate (stand-alone) business unit to the main the business. This could be in the private, public or third sector. In both options, you should prepare a business plan targeted at potential investors such as venture capitalist, banks, government funds, impact investors, other funding agencies or philanthropists to name a few. Below is the proposed structure of the plan that you should follow: Part 1 – Proposition (extended introduction) – 25% In the 1st part of the plan, you are expected to make a case for the new and innovative business venture/idea and provide a rationale and justification for it. Using the domains of entrepreneurship ecosystem, you should present an analysis of the prevailing or suitable ecosystem relevant to the idea and location of the business. Using the Business Model Canvas framework, you should provide an innovative business model that supports the idea. You should then indicate the required start-up capital and what you need it for including your own contribution. Part 2 – Detailed plan and supporting evidence – 75% Building on your proposal, you will provide relevant details to support the suitability, viability, and scalability of your idea to convince your investors. The plan should include details such as details of the product/service concept, market and competitive analyses, marketing and promotional plans, sales/ revenue generation and projections. It should also include your operational and staffing plans including the plan (e.g., GANTT chart) for launching for the business, your financial plans and projections should include your cash flows (monthly for the 1st 12 months and annual thereafter), costings, pricing, and breakeven analysis. You should be able to show the sustainability and scalability of the plan over the medium to long term (covering at least the first 3 years of trading) and your projections should reflect this. The plan will be marked on its content, structure, presentation, creativity, consistency, and integration of the differentelements. Structuring the Proposal The following structure is recommended for your proposal: • Introduction –in the section of your proposal you will introduce your idea and make a case/rationale for the new business or changes to an existing business and explain where you got the idea. It should be factual and clearly demonstrate your creativity by stating what will be different or unique with the idea. • Market Opportunity – Here you should identify the gaps or opportunities you have identified in the market (e.g. shortcomings/problems with existing products/services/business models, unsatisfied demand, new market, etc.). • Entrepreneurship ecosystem – using the entrepreneurship ecosystem domains, you will describe the prevailing ecosystem (national or local) where the new enterprise will be established and how the ecosystem is beneficial to you and influences your ability to set up and run the enterprise in the chosen location and sector. • Business model – This should show how you will create and capture value with your business model. To do this you will need to complete the Business Model Canvas for your proposed business and provide some brief explanations and/or rationale. • Start-up capital - Here you should give an indication of the amount of capital you will require for the idea to be implemented. You should justify your requirements by providing a brief summary of what you intend to use it for e.g. development of the product or service, setting up operations, working capital. • Conclusion – why you think this is a worthwhile proposition with a statement that you will submit a more detailed business plan once investors express interest in the proposed business venture. Note: the proposal must be well-written in a persuasive manner. Complete Structure • Executive Summary of the business proposition (to cover both parts) • Proposal (Context section) – structure and content as discussed in previous sessions • Product/Service concept/ Plan: details about the products/services, including statement of Innovativeness • Description of the business: What the business does and its legal structure • Market Analysis: with details about the market e.g. size, target market segment, etc. • Marketing, plan: with details of market analysis, marketing plan, sales strategy and competitive analysis • Operations Plan: with details of operations, management, people, processes, flowcharts, organization structure, etc. • Financial Plans: Investment and working capital requirements, Sales projections, pricing, costs, gross and net margins and breakeven, analysis, cash flow statement (monthly for first 12 months), proforma P&L and balance sheet (up to 3 years) • Launch Plan: Milestones leading to the launch of the business • TOWS analysis of the idea/business and conclusion • Appendices: Must be clearly labelled and made reference to in the main body. NB: Structure, content and level of detail of a Business Plan is dynamic and varies to suit the needs of the stakeholders and reflects the practice adopted in different countries. Appendix • Appendix (contains backup material) • Letters • Industry and market research data • Leases or contracts • Price lists from suppliers. • Additional financial data and projections • Other relevant supporting material • Other information supporting your project’s viability i need a draft 2 weeks before the deadline.